MTNN, DANGCEM Drives Nigerian Bourse to its Highest Weekly Gain Since 12th Jan 2018

L – R: Shows Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a gift to Mr. Folasope Babasola Aiyesimoju, Group Managing Director/ Chief Executive Officer, UAC of Nigeria PLC during a courtesy visit to the Exchange on Friday in Lagos.

May 24, 2019/Cordros Report

Capital markets

Equities

It was a story of a clash of the titans on the domestic bourse which drove the market to its highest weekly gain since 12th Jan 2018. A rally in the shares of market heavyweights, MTNN (+28.6%) and DANGCEM (+13.6%) pushed the ASI up 6.96% w/w to 30,881.29 points. Hence, the MtD return grew to 5.90% and YtD losses moderated to 1.75%. On sectoral performance, gains in the Industrial Goods (+6.12%) and Insurance (+1.18%) indices masked losses in the Consumer Goods (-2.98%), Banking (-1.82%) and Oil & Gas (-0.65%) indices.

Clearly, the gain was not broad-based, at such we reiterate our cautious trading pattern. Meanwhile, we believe that the blend of positive macroeconomic fundamentals and compelling valuations still supports a near term recovery.

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